Globally, the E&M industry is expected to grow at 4.4pc compound aggregate growth rate (CAGR) in the period.

This boost will see the industry’s global revenue reach US$2.4trn in 2022, up from US$1.9trn in 2017.

The smartphone has become the omni-media device

Growth in the Irish market lags the global forecast largely due to less protracted growth in the digitally driven segments such as OTT, or over-the-top, video (8.8pc CAGR domestically compared to 10.1pc globally) and video games and e-sports (5pc CAGR v 7.3pc).

This is partially offset by higher domestic rates of growth in more traditional media forms such as books, radio and music revenue in Ireland.

The global virtual reality (VR) market experienced a major breakthrough in 2017, with revenue growing by over 350pc to $3.9bn.